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Wednesday, 18 March 15
PARKING THE CAPES - LINOS KOGEVINAS
 It is no secret that recent times have been anything but kind towards shipping, and no sector has suffered more lately than the dry bulk one. While we have seen various correctional signals for the wet sector (especially for the MR and VLCC segments), the dry market has had very few reasons to be hopeful. The BDI has been fairing at historical lows over the past few months and this had created a climate of widespread anxiety among dry bulk shipowners as there are limited hints of a recovery in the short-term.
With current cape spot market rates being significantly below OPEX levels, it seems that the patience of many Cape owners has finally begun to run out. As a result, they are left with a few options on how to proceed. There are two value-maximizing (or rather loss-minimizing) options; one is of course scrapping the vessel, almost certainly at a loss compared to the initial capital investment. With the scrap market revolving predominantly around bulk carriers and container vessels during the past weeks, it seems that many owners have selected this option.
On the other hand, some of the largest European Capesize players have selected the alternative route of parking their capes. A number of them have selected Kaohsiung, Taiwan as the ideal place to park their capes until rates pick up from the current depressing rates. Eastern Pacific has reportedly parked a number of their capes in anchorages (favoring the Kaohsiung anchorage).
Navios is also reported to have alluded to following the same route even going as far as suggesting that cold layups are the next step in order to cut what costs they can. The effects of such decisions on the market are hard to predict unless they are followed by a bigger number of owners, therefore for now it is expected that there will be a minor and more importantly temporary (lasting only until they’re back in the market) support in the market.
How sustainable will this strategy be? While the larger owners (many of whom have diversified fleets, thus hedging their exposure to the dry market troubles) may be able to sustain themselves long enough to survive through the current market slump, smaller players and those primarily invested in the cape segments will most definitely have trouble surviving where the situation is to persist for long.
With current conditions pushing more and more vessels out of the market, owners are awaiting Q2 in order to decide on their future moves. While short-term prospects are dire, the Indian coal market together with the Chinese steel import market, are possible candidates to partially help in the medium-long term recovery/ revival of the dry market sector.
As always, the amount of new orders that will be placed during the next quarters will play a determining role in the segment’s recovery, but given how quiet the newbuilding market for Capes has been since the summer of 2014, we believe that this should currently be the least of our worries.
By Linos Kogevinas
Marketing - Harbour Towage & Port Agency
Cotzias Intermodal Shipping Inc.
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 02 December 14
FOB RICHARDS BAY COAL SWAPS LOST MONTH OVER MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month, week on week and day over day.
The Q1 swap has lost U ...
Tuesday, 02 December 14
SUB-BIT FOB INDONESIA COAL Q1' 15 DELIVERY SWAP CLOSED AT US$ 49.50
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.4 ...
Monday, 01 December 14
SGX'S FOB NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 52.50
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.50 on 28 November after losing US$ 1.20 (-2.23%) month ove ...
Monday, 01 December 14
Q2' 15 DELIVERY CFR SOUTH CHINA COAL SWAP CLOSED 0.42% LOWER THAN Q1' 15 DELIVERY CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 2.45 (-3.78%) month over month and US$ 0.67 (-1.06%) we ...
Sunday, 30 November 14
SUPRAMAX COAL FREIGHT RATES FROM INDONESIA TO INDIA : FIRM
COALspot.com: The BDI fell 171 points and closed at 1153 points on Friday 28 November 2014. The Cape index also lost 887 points and closed at 2151 ...
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- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- The University of Queensland
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Planning Commission, India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
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